The Ripple network is set to transform its native coin token XRP into a privacy coin as the network begins intensive researching procedures into anonymity and data protection, a release has said.
In a recent blog post by the Ripple network, Stephanie Roos, an Assistant Professor at Delft University of Technology, disclosed reasons why the Ripple Network believes there are holes in the present blockchain models and aims at incorporating temporal anonymity features on the XRP Ledger.
People are of the opinion that Bitcoin provides sufficient anonymity whereas it is not so since there are possibilities of tracing people via their data on Bitcoin blockchain. Tracing people can achieve if the details provided could be linked to a profile, said Roos.
However, the Ripple network stated in the blog post that it recognized the need for anonymity and data protection and has began driving efforts to integrate anonymity features into the XRP Ledger.
The need for data protection has rapidly increased in recent times as companies all over the world are cautious of disclosing sensitive data when performing blockchain transactions. The companies feel private blockchains has limited future-proof solution based on the fact that the system can only be used by a few users.
Hence, companies believe public blockchains are the future-proof solution as they provide sufficient anonymity functions.
However, Roos and some other researchers are been funded under the Ripple Blockchain Research Initiative (UBRI) to conduct in-depth research into anonymity on the XRP Ledger. Roos and her team would be working on eliminating the present errors in the complicated blockchain model large-scale projects and would at the same time work on integrating a temporal anonymity feature on the XRP Ledger.
Aside from the financial aid coming from the Ripple initiative UBRI, members of the research team would also be accorded access to the Ripple’s executives, as a way of exposing them to valuable experiences in the Blockchain industry.
Nevertheless, it is important to mention that the Ripple network has long been supporting the training of future specialists and is through this research extending such initiative further.
Earlier in April, Ripple’s lead C++ software engineer, Nik Bougalis, announced the deployment of a newly proposed feature, Blinded Tags, on the XRP Ledger to enhance the privacy of the blockchain.